MULTI-UNIT
NEED TO
KNOW
Buyer’s Guide
franchising is the way to go for any franchisee seriously looking to grow their organization, it’s not a slam-dunk, it’s not for
everyone, and it’s far from easy. In fact it’s
hard work, and fraught with failure. Successful multi-unit franchisees must do at
least three things well:
1) You must be able to finance the
additional locations/territories. That means
deep pockets, or at least access to deep pockets. This often requires business partners
and/or lenders who then have skin in the
game and can influence the way you conduct
your business. This is an important reality
to keep in mind if you are an independent
thinker and operator.
2) You must be able to form an organization with a management team and
infrastructure to command your expanding
empire. You may be able to remain handson with a handful of units, but when you
reach 10 or more it’s no longer feasible
for you to oversee day-to-day operations.
At some point, you will need to bring in a
team to handle everything from operations
to finance to marketing and HR. You must
learn to delegate and get out of the way.
3) Leadership is the final ingredient. You come to the game with vision,
ambition, and inspiration. The challenge is
communicating these crucial intangibles to
your expanding organization and keeping
them intact as they filter down to your unit
managers and front-line staff through your
in-house team